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that you face, and i d not envy you, is you said the fits call consolidation, the consumption tax will go up next year and the following year, and you're certainly aware that will take a big hit on consumption on income that will have a negative impact on the economy, and i'm wondering how you're balancing these two different issues of fiscal consolidation and demand. [speaking japanese] >> translator: i think you have hit on the most important point, because whenever we may try to increase the taxes, it does not necessarily result in increasing the tax revenue. we have known the actual examples which have happened in the past in many nrsakg ne >> you can watch the rest of this online as we take you live now to the heritage foundation in washington, d.c. for remarks by senator mike lee of utah. he'll be talking about the conservative movement and the future of the republican party. >> in his most recent book, "we still hold these truths: rediscovering our principles, reclaiming our future." please join me in welcoming matt spalding. matt? [applause] >> thanks, jon. i thought you said cons
be another one of those. but you have had the payroll tax increase go into effect. you've had sequestration go into effect. you have no growth in people's incomes. that was the more disappointing numbers out of the last unemployment insurance report. and if people don't have money, they can't spend money. and finally, we're being affected in the slowdown in europe in particular and the slowdown in the emerging markets. our export growth has fallen to about zero at the moment because there isn't demand overseas for our products. so it feels like a little bit of a soft spot, but we'll see. >> how much of this is consumer confidence, do you think? >> consumer confidence definitely plays a role. but consumers right now don't have the money to spend. and if they went out and spent, they'd be borrowing money. i don't think -- i think it's a more fundamental problem in a way than consumer confidence. >> steve, my long wait yesterday trying to get up to new york, in the lounge was tim geithner waiting for the flight, as well. i asked him, we're seeing these good signs in the economy, how much of it
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